US food company Del Monte Foods has reported higher fourth-quarter and full-year profit, boosted by higher sales.
The company posted net income of US$56.6m, or 27 cents per share, for the quarter to 2 May, compared to $23.5m, or 11 cents per share, in the year-ago period. Net sales rose to $915.9m from $756.8m a year earlier.
For the full year, the company posted net income of $164.6m, or 78 cents per share, compared to $133.5m, or 76 cents per share, in the previous year. Net sales were $3.13bn, compared to $2.09bn a year earlier.
“We are pleased with our year end results and the progress we have made in the first full year of operations as the new Del Monte Foods,” said Rick Wolford, chairman, president and CEO. “We drove strong sales growth, delivered earnings on target, reduced our debt by $271m with our strong cash flow, and completed key integration milestones without disruption of our business.”
